In this week’s The Defiant Podcast, we speak with Tyrone Lobban, Head of Blockchain at JP Morgan’s Onyx, a business unit focused on digital assets.
In the turmoil of recent weeks, it’s easy to overlook or forget good news and positive developments. JP Morgan recently made history by becoming the first major bank to run live DeFi trading. The transactions included tokenized foreign exchange and government bonds, all on the Polygon blockchain.
Our conversation will start by digging into the details of the deal, discussing the impact of major banks such as JP Morgan and others using DeFi on TradFi, and getting a better understanding of Onyx.
JP Morgan’s first DeFi transaction will take place on November 2, 2022, facilitated by Project Guardian, a pilot initiative of the Monetary Authority of Singapore. This deal had a lot of movement and was pretty complicated. Tyrone takes us behind the scenes and walks us through the steps taken to ensure compliance with KYC/AML standards.
Due to regulatory and privacy concerns, JP Morgan is currently experimenting with DeFi on permissioned sidechains. Discuss the possibilities of moving from private infrastructure to public blockchains.
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Below is a recap of the podcast episode.
Onyx is JP Morgan’s blockchain-focused business unit. What this means in practice is that we have a group of about 250 people dedicated to building new infrastructure, new applications and new solutions leveraging blockchain technology.
JP Morgan’s blockchain program launched in late 2015. Since then, we have sought to understand what blockchain means for large, regulated financial institutions, and how we can use this technology not just for ourselves, but for our customers. I was.
What we’ve really been focusing on is how do we create better operating models, better processes, but I think the most interesting thing is the new products. Our clients and us. A new revenue stream for your own internal business.
Since actually starting our blockchain program at JP Morgan, we’ve basically identified three main areas where we’re confident enough to build this business.
The three main areas are:
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Sharing a ledger of payment information allows us to better exchange payment-related information and provide new insights behind it.
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transfer of value. Specifically, money.
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The idea of tokenizing traditional assets. Incorporate them into the blockchain to create new products.
I think it all comes together in a decidedly blockchain-focused way. We’ve been thinking a lot about Web3, especially in the last few years. How do we create better solutions around identity? How do we interact with public blockchains? What are the DeFi opportunities? This is a very important method to consider.
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